India diagnostic imaging market size, share & market forecast fy2026 by David Johnson

PUBLISHED: NOVEMBER 2020

FY2016 – FY2026 INDIA DIAGNOSTIC IMAGING MARKET FORECAST AND OPPORTUNITIES

MARKET

INTELLIGENCE

CONSULTING

www.techsciresearch.com © TechSci Research 1

Table of Contents S. No.

Contents

Product Overview

Research Methodology

Impact of COVID-19 on India Diagnostic Imaging Market

Executive Summary

Voice of Customer

5.1.

Brand Awareness & Brand Recall

5.2.

Factors Influencing Purchase Decision

5.3.

Challenges / Issues Faced Post Purchase

India Diagnostic Imaging Market Overview 6.1.

Market Size & Forecast 6.1.1.

6.2.

6.3

By Value & Volume

Market Share & Forecast 6.2.1.

By Type (X-Ray Imaging Solutions, Ultrasound Systems, MRI Systems, CT Scanners, Nuclear Imaging Solutions, Mammography, Others)

6.2.2.

By Mobility (Portable v/s Standalone)

6.2.3.

By Source (Domestic v/s Import)

6.2.4

By Application (Cardiology, Oncology, Neurology, Orthopaedics, Gastroenterology, Gynaecology, Others)

6.2.5.

By End Users (Hospitals & Clinics, Diagnostic Centers, Ambulatory Care Centers, Others)

6.2.6.

By Component (OEM, Refurbished)

6.2.7.

By Company (FY2019)

6.2.8.

By Region

Product Market Map ÂŠ TechSci Research

Table of Contents S. No.

Contents 6.4.

Page No.

India: Segment Analysis 6.4.1.

India X-Ray Imaging Solutions Market Outlook 6.4.1.1.

Market Size & Forecast 6.4.1.1.1.

6.4.1.2.

6.4.1.3. 6.4.2.

By Value

Market Share & Forecast 6.4.1.2.1.

By Mobility

6.4.1.2.2.

By Source

6.4.1.2.3.

By Application

6.4.1.2.4.

By End User

Competition Outlook

India CT Scanners Market Outlook

6.4.2.1.

Market Size & Forecast 6.4.2.1.1.

6.4.2.2.

6.4.2.3.

By Value

Market Share & Forecast 6.4.2.2.1.

By Mobility

6.4.2.2.2.

By Source

6.4.2.2.3.

By Application

6.4.2.2.4.

By End User

Competition Outlook ÂŠ TechSci Research

Table of Contents S. No.

Contents 6.4.3.

India MRI Systems Market Outlook 6.4.3.1.

Market Size & Forecast 6.4.3.1.1.

6.4.3.2.

6.4.3.3. 6.4.4.

By Value

Market Share & Forecast 6.4.3.2.1.

By Mobility

6.4.3.2.2.

By Source

6.4.3.2.3.

By Application

6.4.3.2.4.

By End User

Competition Outlook

India Ultrasound Systems Market Outlook

6.4.4.1.

Market Size & Forecast 6.4.4.1.1.

6.4.4.2.

6.4.4.3.

By Value

Market Share & Forecast 6.4.4.2.1.

By Mobility

6.4.4.2.2.

By Source

6.4.4.2.3.

By Application

6.4.4.2.4.

By End User

Competition Outlook

ÂŠ TechSci Research

Table of Contents S. No.

Contents 6.4.5.

India Mammography Market Outlook 6.4.5.1.

Market Size & Forecast 6.4.5.1.1.

6.4.5.2.

6.4.5.3. 6.4.6.

By Value

Market Share & Forecast 6.4.5.2.1.

By Mobility

6.4.5.2.2.

By Source

6.4.5.2.3.

By Application

6.4.5.2.4.

By End User

Competition Outlook

India Nuclear Imaging Solutions Market Outlook

6.4.6.1.

Market Size & Forecast 6.4.6.1.1.

6.4.6.2.

6.4.6.3.

By Value

Market Share & Forecast 6.4.6.2.1.

By Mobility

6.4.6.2.2.

By Source

6.4.6.2.3.

By Application

6.4.6.2.4.

By End User

Competition Outlook

ÂŠ TechSci Research

Table of Contents S. No. 7.

Contents Market Dynamics 7.1.

Drivers

7.2.

Challenges

Market Trends & Developments

Policy & Regulatory Landscape

10.

India Economic Profile

11.

Pricing Analysis

12.

Competitive Landscape 12.1.

Wipro GE Healthcare Pvt. Ltd.

12.2.

Siemens Healthcare Private Limited

12.3.

Allengers Medical Systems Limited

12.4

Erbis Engineering Co. Ltd.

12.5.

Samsung Electronics SIEL

12.6.

Philips India Ltd

12.7.

Olympus Medical Systems India Pvt. Ltd.

12.8.

Fujifilm Medical Systems India Pvt. Ltd.

12.9.

Carestream Health India Pvt. Ltd.

12.10.

Shimadzu Medical (India) Pvt. Ltd.

13.

Strategic Recommendations

14.

About Us & Disclaimer ÂŠ TechSci Research

Product Overview

Scope of Report Product of Interest (POI): Diagnostic Imaging

Diagnostic Imaging refers to the use of different imaging modalities to get visual representations of the interior of a body for diagnostic and therapeutic purposes. This includes various types of modalities including X-ray machines, ultrasound systems, MRI systems, CT scanners, nuclear imaging solutions, etc., which are used to capture images of the human body for diagnosis and treatment of diseases, and hence, plays a vital role in improving the overall health. Increasing incidence of chronic and acute diseases including cancer, cardiovascular diseases and orthopedic disorders among others offers a large patient pool undergoing diagnostic imaging procedures, globally. Moreover, increasing government initiatives towards early diagnosis of the diseases will further drive the diagnostic imaging market.

Market Segmentation SOURCE

TYPE

MOBILITY

•

Domestic

•

X-Ray Imaging Solutions

•

Portable

•

Import

•

Ultrasound Systems

•

Standalone

•

MRI Systems

•

CT Scanners

•

Nuclear Imaging Solutions

•

Mammography

•

Others

APPLICATION •

Cardiology

•

Oncology

•

Neurology

•

Orthopedics

END USERS

•

Gastroenterology

•

Hospitals & Clinics

•

Gynecology

•

Diagnostic Centers

•

Others

•

Ambulatory Care Centers

•

Others

Year Range Review Period

REGION •

North

•

South

•

East

•

West

FY2016 – FY2019 Base Year

FY2020 Estimated Year

FY2021 Forecast Period

FY2022 – FY2026

Research Methodology

Market Profiling

In-depth secondary research was conducted to determine top players in the India diagnostic imaging market, overall market size and segmental market size.

Formulating Questionnaire

In order to conduct industry experts’ interviews, TechSci formulated a detailed discussion guide.

Developing List Of Respondents

Data Collection

Data Validation

Data obtained as a result of primary and secondary research was validated through rigorous triangulation.

TechSci conducted interviews with industry experts and industry players for data collection and verification.

List of industry players and industry specialists was developed.

Primary Research

Data Collection

Data Filter & Analysis

Research & Intelligence

Actionable Insights

Business Solution

LinkedIn TechSci Internal Database

✓ Recent Developments ✓ Market Changing Aspects/Dynamics ✓ Government Policies ✓ Conclusion

✓ Identifying Key Opinion Leaders ✓ Questionnaire Design ✓ In-depth Interviews

Primary Research ✓ ✓

Desk Research

Secondary Research ✓ ✓ ✓ ✓ ✓ ✓ ✓

Company Websites Company Annual Reports White Paper Study Financial Reports Investor Presentations Regulatory Body Associations, etc.

Data Analysis

The data was scrutinized using MS-Excel, statistical tools and internal proprietary database to obtain qualitative and quantitative insights about the India diagnostic imaging market.

Company Analysis ✓ Market Participants ✓ Key Strengths

Paid Sources

✓ ✓

Factiva Hoovers

Research Methodology Baseline Methodology

Our dedicated team of industry experts has monitored and analyzed various aspects of India diagnostic imaging market. The team has analyzed the outlook of various segments of this market, while considering the major influencing factors such as increasing expenditure by the government on the development of healthcare facilities. The study includes market forecasting, which would enable our clients to take better decisions while planning their strategy to achieve sustainability in India diagnostic imaging market.

Methodology Followed for Calculation of Market Size:

•

Market Size by Value & Volume: Market size, in terms of value, for the year FY2020 was calculated based on information collected through exhaustive secondary research and primary surveys, with various key opinion leaders/stakeholders, such as India diagnostic imaging market companies, channel partners, market influencers & end users, industry experts, and other industry participants.

•

The team interviewed more than 15 – 20 India diagnostic imaging companies, 100 – 120 end users, and 15 – 20 industry experts and other value chain stakeholders in India diagnostic imaging market to obtain the overall market size from FY2016-FY2020, which was validated by the Delphi technique. Taking standard deviation into consideration, the market size was averaged out, to arrive at the market size data from FY2016-FY2020.

Research Methodology •

Respondents were asked about the current and future market growth rates, market shares by type, by mobility, by source, by application, by end user, by company and by region. Removing the outlier responses, the geometric mean of growth estimates and provider wise revenue shares generated across various segments were considered, to arrive at the final revenue shares. Revenue shares generated across various segments were further triangulated from other stakeholders.

Methodology Followed for Calculation of Market Shares: •

Market shares by type, by mobility, by source, by application, by end user, by region and by company were calculated based on the responses received through primary surveys with industry experts, in which the respondents were asked about the market shares or revenue generated from various product types of diagnostic imaging market. The final shares were calculated by taking the geometric mean of the responses gathered from key opinion leaders after eliminating the outliers.

Methodology Followed for Forecasting: •

TechSci Research performed periodical checks on data collected through the surveys with logic checks and analyzed the survey results in SPSS/Tableau Software.

•

Data triangulation techniques were applied to fill the gaps and to present a more meaningful picture of the market. To forecast India diagnostic imaging market, TechSci Research used various forecast techniques such as: ✓

Moving Average

✓

Time Series Analysis

✓

Regression Analysis

✓

Econometric and Judgmental Analysis

Research Methodology TechSci Research used its own forecast tool, which is based on the growth of various allied industries in respective regions. TechSci Research also used the impact analysis during short, medium and long term period to estimate the demand and to reach accurate market numbers. It should be noted that the figures compiled are only for the organized market including market share data. The currency used in the report is the United States Dollar (USD), with the market size indicated in USD million. Partial List of Companies Interviewed

Key Secondary Sources

▪ Wipro GE Healthcare Pvt. Ltd.

▪ World Bank

▪ Siemens Healthcare Private Limited

▪ International Monetary Fund (IMF)

▪ Allengers Medical Systems Limited

▪ TechSci Research Proprietary Database & Knowledge

▪ Erbis Engineering Co. Ltd.

Repository

▪ Samsung Electronics SIEL

▪ Company Annual Reports

▪ Philips India Ltd.

▪ Industry Magazines

▪ Olympus Medical Systems India Pvt. Ltd..

▪ Industry Reports

▪ Fujifilm Medical Systems India Pvt. Ltd.

▪ News Dailies

▪ Carestream Health India Pvt. Ltd.

▪ Credible Paid Databases

▪ Shimadzu Medical (India) Pvt. Ltd.

Industry Brief According to TechSci Research report, “India Diagnostic Imaging Market By Type (X-Ray Imaging Solutions, Ultrasound Systems, MRI Systems, CT Scanners, Nuclear Imaging Solutions, Mammography, Others), By Mobility (Portable v/s Standalone), By Source (Domestic Vs Import), By Application (Cardiology, Oncology, Neurology, Orthopedics, Gastroenterology, Gynecology, Others), By End Users (Hospitals & Clinics, Diagnostic Centers, Ambulatory Care Centers, Others), By Component (OEM v/s Refurbished), By Region, Forecast & Opportunities, FY2026”, the India diagnostic imaging market was valued USD 1655.35 Million in FY2019 and is projected to grow at 9.03% in value terms until FY2026 on account of the ongoing technical advancements in digital imaging procedures. Additionally, increasing foreign direct investments for improving the healthcare facilities in India is further expected to propel the market growth through FY2026. Furthermore, emergence of India as a potential medical tourism hub is further expected to fuel the market growth over the next few years. Besides, growing prevalence of non-communicable diseases in the country is further expected to spur the market growth. However, procedures such as CT Scan are quite capital intensive. This might restrict the market growth during the forecast period. Furthermore, shortage of radiologists and other skilled professionals to carry out the diagnostic procedure might further impede the market growth through FY2026. Moreover, high import tariffs might further hider the market growth until FY2026. The India diagnostic imaging market is segmented based on type, mobility, source, application, end users, component, company and region. Based on type, the market can be fragmented into X-Ray imaging solutions, ultrasound systems, MRI systems, CT scanners, nuclear imaging solutions, mammography and others. Among these, the X-Ray imaging solutions segment is expected to dominate the market on account of their widespread use and adoption across hospitals & clinics, diagnostic centers, among others for early and accurate diagnosis of spinal problems. Additionally, growing incidences of road accidents across the country is further expected to drive the segmental growth. Based on end users, the market can be categorized into hospitals & clinics, diagnostic centers, ambulatory care centers, others. Out of these, the hospitals & clinics segment is expected to dominate the market since they have all the available diagnostic imaging equipment and machinery. Hence, the people prefer visiting hospitals & clinics for diagnostic imaging. Wipro GE Healthcare Pvt. Ltd., Siemens Healthcare Private Limited, Allengers Medical Systems Limited, Erbis Engineering Co. Ltd., Samsung Electronics SIEL, Philips India Ltd, Olympus Medical Systems India Pvt. Ltd., Fujifilm Medical Systems India Pvt. Ltd., Carestream Health India Pvt. Ltd., Shimadzu Medical (India) Pvt. Ltd. among others are some of the leading players operating in India diagnostic imaging market. The companies operating in the market are using organic strategies such as product launches, mergers and collaborations to boost their share.

“India diagnostic imaging market is expected to witness significant growth during the forecast period on account of growing number of diagnostic centers and hospitals in the country. Furthermore, supportive government policies such as Ayushman Bharat Yojana, Healthcare for All, Make in India, among others, are further expected to fuel the market growth through FY2026. Besides, increasing focus of the government and healthcare facility providers on increasing the life expectancy and reducing mortality rates associated with different diseases is further expected to create lucrative opportunities for the market growth over the next few years.”said Mr. Karan Chechi, Research Director with TechSci Research, a research based global management consulting firm. © TechSci Research

Sample Data - Snapshot India Diagnostic Imaging Market Size, By Value (USD Million) & By Volume (Units), FY2016-FY2026F

FY2016

FY2017

FY2018

FY2019

FY2020

FY2021E

FY2022F

By Value (USD Million)

FY2023F

FY2024F

FY2025F

FY2026F

By Volume (Units)

India X-Ray Imaging Solutions Market Share, By Mobility, By Value, FY2016-FY2026F

FY2016

FY2017

FY2018

FY2019

FY2020

FY2021 E

FY2022 F

FY2023 F

FY2024 F

FY2025 F

FY2026 F

Standalone 60.00%

60.00%

Portable

40.00%

India Nuclear Imaging Solutions Market Share, By Application, By Value, FY2016-FY2026F

FY2016

FY2017

FY2018

FY2019

FY2020

FY2021E FY2022F FY2023F FY2024F FY2025F FY2026F

Oncology

40.00%

Cardiology

10.00%

Neurology

10.00%

Orthopaedics

10.00%

Gynaecology

10.00%

Gastroenterology 10.00%

10.00%

Others

10.00%

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About Us & Disclaimer

TechSci Research is a global market research and consulting company with offices in the US, UK and India. TechSci Research provides market research reports in number of areas to organizations. The company uses innovative business models that focus on improving productivity, while ensuring creation of high-quality reports. The proprietary forecasting models use various analyses of both industry-specific and macroeconomic variables on a state-by-state basis to produce a unique ‘bottom-up’ model of a country, regional and global industry prospects. Combined with the detailed analysis of company activity and industry trends, the result is a uniquely rich evaluation of the opportunities available in the market.

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•

India Molecular Diagnostics Market By Application (Infectious Disease, Blood Screening, Genetic Testing, Oncology Testing), By Technology (PCR, Insitu Hybridization, Chips and Microarrays, Mass Spectrometry, Sequencing, Others), By End User (Hospitals, Academic & Reference Laboratories), By

Region, Competition, Forecast & Opportunities, FY 2026

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Disclaimer The contents of this report are based on information generally available to the public from sources believed to be reliable. No representation is made that it is timely, accurate or complete. TechSci Research has taken due care and caution in compilation of data as this has been obtained from various sources including which it considers reliable and first hand. However, TechSci Research does not guarantee the accuracy, adequacy or completeness of any information and it is not responsible for any errors or omissions or for the results obtained from the use of such information and especially states that it has no financial liability whatsoever to the subscribers / users of this report. The information herein, together with all estimates and forecasts, can change without notice. All the figures provided in this document are indicative of relative market size and are strictly for client’s internal consumption. Usage of the same for purpose other than internal will require prior approval of TechSci Research.